Gold Extends Rally To $3,086, Hits New All-Time High
Gold (XAU/USD) price hit another record on Friday (3/28), hitting a new all-time high of $3,086 for now and is trading around $3,075 at the time of writing. Bullion is seeing another wave of safe-haven inflows, this time from investors exiting Equities and Crypto. From here, the psychological target and next major level to break is $3,100.
This Friday, the US Personal Consumption Expenditure (PCE) data for February will be released. The overall consensus is for fairly stable numbers, with the core PCE expected to remain unchanged at 0.3% on the month, while the headline figure will also remain steady at 0.3%.
Inflation concerns in the United States (US) have been growing in the past few days as the impact of US President Donald Trump’s tariffs on inflation has been difficult to gauge. The risk of the US economy heading towards recession or stagflation is a major concern for investors and could trigger moves in the Equity and Bond markets, and cause Gold to continue to strengthen.
Source: FXStreet